Wills

According to the law, every person has the right to dispose of his or her assets as they wish. Unless a person specifies by means of a will how personal assets will be managed upon death, the state will determine how the deceased's assets will be distributed in accordance with a standard set of complex laws. This means, that in the absence of a will, those closest to you may be deprived. Furthermore, the value of your estate becomes subject to unnecessary inheritance tax.
Drafting a will is neither costly nor time consuming. The benefits from this minor effort can be significant, as administration costs will be reduced and inheritance tax planning can be put into place.